PENSION PLANS (Tables)

12 Months Ended

Dec. 31, 2021

Pension Plans

Schedule of financial information related to pension plan

Presented below is financial information relating to this plan for the periods indicated (dollars in thousands):

	Year Ended		Year Ended
	December 31,		December 31,
	2021		2020
CHANGE IN BENEFIT OBLIGATION:
Net benefit obligation - beginning of period	$	14,224	$	$ 13,933
Interest cost		665		658
Actuarial loss		344		408
Gross benefits paid		(925)		(775)
Net benefit obligation - end of period	$	14,308	$	14,224
CHANGE IN PLAN ASSETS:
Fair value of plan assets - beginning of period	$	14,568	$	13,009
Employer contributions		400		400
Gross benefits paid		(925)		(775)
Return on plan assets		1,897		1,934
Fair value of plan assets - end of period	$	15,940	$	14,568
Over funded status at end of period	$	1,632	$	344

Schedule of pension expense components

The pension expense includes the following components (dollars in thousands):

	Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,
	2021			2020			2019
COMPONENTS OF NET PERIODIC COST:
Interest cost	$	665		$	658		$	644
Gain on assets		(842)			(758)			(628)
Amortization of loss		105			247			484
Net periodic (benefit) cost	$	(72)		$	147		$	500
WEIGHTED-AVERAGE ASSUMPTION USED:
Discount rate		5.0	%		5.0	%		5.0	%
Rate of compensation increase		0.0	%		0.0	%		0.0	%

Schedule of expected benefit payments

As of December 31, 2021 the benefits expected to be paid in the next five years and then in the aggregate for the five fiscal years thereafter are as follows (dollars in thousands):

Year	Amount
2022	$	925
2023		974
2024		1,026
2025		1,085
2026		1,152
2027-2031		4,854

Schedule of fair values and asset allocation

The fair values and asset allocation of our plan assets as of December 31, 2021 and 2020 and the target allocation for fiscal 2021, by asset category, are presented in the following table. All fair values are based on quoted prices in active markets for identical assets (Level 1 in the fair value hierarchy) (dollars in thousands):

			December 31, 2021				December 31, 2020
					% of Plan				% of Plan
Asset Category	Asset Allocation		Fair Value		Assets		Fair Value (1)		Assets
Cash and equivalents	0% to 10	%	$	928	6	%	$	877	6	%
Equity securities	40% to 57	%		9,678	61	%		9,755	67	%
Fixed income securities	35% to 50	%		5,334	33	%		3,936	27	%
Total			$	15,940	100	%	$	14,568	100	%